Damn look at Bitcoin today

[Apoplectic_Objurgator]

You mean the checks tied to my bank account that 100% guarantees restoring any lost, stolen, or fraudulently spent funds up to $250,000? Who do I call if my Bitcoin is stolen to fully restore my lost assets?

i buy mine buy through robinhood, fidelity, or any other retail brokerage with the best tools. or you can buy the miners - made about $5k off them yesterday

 

[Go Budaw]

i buy mine buy through robinhood, fidelity, or any other retail brokerage with the best tools. or you can buy the miners - made about $5k off them yesterday

So if you buy from any of those sites, then remove it from the exchange and put it in your own cold storage, the FDIC will still fully insure it if it vanishes? I highly doubt that. And even if they do fully insure it, they will only compensate you on the value at the time of the reported crime. If you buy it and it drops 50%, then it gets taken, you lose your *** even if they are able to return your money. Pretty much becomes a forced sale.

ETA: FDIC doesn’t protect any form of cryptocurrency. So you are completely 17ed if it gets stolen from you even if is via a reputable exchange like Fidelity or Robinhood.

 

[Nicephorus]

You need to make sure that your key is on media that can be stored long-term. If you keep it on a thumb drive and the drive gets fried, you might as well have had the stuff stolen from you. Also, if you use any kind of password protection, you should put the password in a safe location. If you die in a car crash, it doesn't matter if you will states that your kids get your bitcoin if the only place your password was is in your head.

Your best bet is keeping a password protected private key, including a print-out of it, in a secure location, and keeping the password in a different secure location. And if your intent is to have your bitcoin go to multiple heirs, you should go ahead and create separate keys for each heir. Or set up some kind of smart contract that would split up your bitcoin upon your death.

Virtually all popular hardware and software btc wallets derive your keys from a 12 or 24 word seed phrase from a standardized dictionary (only the first 4 letters of each word are actually used to derive the keys btw). This phrase needs to be written down and stored somewhere safe. With this phrase, it is trivially easy to regenerate your keys as necessary either on another hardware or software wallet. I would avoid using a printer when dealing with your pass phrases

What you are describing is a paper wallet which is a printed copy of very long strings of characters containing public and private keys. This has generally fallen out of favor as it is considered inferior to use of a hardware wallet (such as a Trezor) and a secure pass phrase that never touches a computer.

 

[Apoplectic_Objurgator]

So if you buy from any of those sites, then remove it from the exchange and put it in your own cold storage, the FDIC will still fully insure it if it vanishes? I highly doubt that. And even if they do fully insure it, they will only compensate you on the value at the time of the reported crime. If you buy it and it drops 50%, then it gets taken, you lose your *** even if they are able to return your money. Pretty much becomes a forced sale.

ETA: FDIC doesn’t protect any form of cryptocurrency. So you are completely 17ed if it gets stolen from you even if is via a reputable exchange like Fidelity or Robinhood.

i don't plan on moving it to a wallet. I plan to ride this bitcoin up to $150,000/btc then convert back into dollars then switch it over to a high yield stock then retire on the dividends.